Britain falls behind in race to innovate

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The level of research and development spending in the economy has fallen more steeply in Britain over the past two decades than in any other leading nation.

Among the 32 members of the Organisation of Economic Co-operation and Development, only the Slovak Republic has suffered a larger decline in R&D as a share of gross domestic product.

In Britain, business R&D stood at 1.459 per cent of GDP in 1990. By 2008 it had fallen to 1.097 per cent, according to OECD figures. Thus even though investment has risen in cash terms, it has failed to keep up with growth